Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
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Nike Inc., consolidated statement of comprehensive income
US$ in millions
Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31).
The financial data over the six-year period reveals several significant trends in key income measures.
- Net Income
- Net income demonstrates notable volatility across the years. From 2019 to 2020, there is a sharp decline from 4,029 million to 2,539 million, likely reflecting external challenges during that time. Following this, net income rebounds robustly in 2021, reaching 5,727 million, and continues to increase slightly in 2022 to 6,046 million. However, a decline reoccurs in 2023 with net income dropping to 5,070 million before rising again to 5,700 million in 2024. Overall, the trend shows resilience and recovery after the initial drop in 2020, though with some inconsistency in the most recent years.
- Change in Net Foreign Currency Translation Adjustment
- This figure fluctuates significantly, reflecting volatility in currency impact on earnings. It is negative in 2019 (-173 million) and 2020 (-148 million), sharply positive in 2021 (496 million), then turns negative again in 2022 (-522 million). The values remain inconsistent with positive and negative shifts in 2023 (267 million) and 2024 (-3 million), suggesting exposure to varying foreign exchange conditions without a clear directional trend.
- Change in Net Gains (Losses) on Cash Flow Hedges
- This item is highly volatile, with values swinging from a gain of 503 million in 2019 to a loss of 130 million in 2020, and a much larger loss in 2021 of 825 million. Then it reverses to a substantial gain in 2022 of 1,214 million, before falling back to losses in both 2023 (-348 million) and 2024 (-184 million). This pattern indicates unstable hedge effectiveness or changing risk management strategies affecting cash flow hedges.
- Change in Net Gains (Losses) on Other
- This has a low magnitude and oscillates mildly around zero throughout the period, demonstrating limited impact on overall earnings with no clear increasing or decreasing pattern.
- Other Comprehensive Income (Loss), Net of Tax
- This account shows considerable fluctuations, starting positive in 2019 (323 million), shifting to negative in 2020 (-287 million) and 2021 (-324 million), rebounding strongly in 2022 (698 million), and turning negative again in 2023 (-87 million) and 2024 (-178 million). The lack of a consistent trend points to variable elements influencing comprehensive income components outside of net income.
- Comprehensive Income
- Comprehensive income trends closely mirror net income but incorporate the impacts of other comprehensive items. It declines significantly in 2020 to 2,252 million from 4,352 million in 2019, recovers strongly in 2021 and 2022 (5,403 million and 6,744 million respectively), then decreases again in 2023 to 4,983 million followed by a moderate recovery in 2024 to 5,522 million. This emphasizes the influence of volatile comprehensive income components alongside core profitability.
In summary, the data reflects Nike Inc.'s overall strong profitability rebound after an initial downturn in 2020, with net income and comprehensive income showing recovery and continued robustness. However, foreign currency effects, cash flow hedges, and other comprehensive income components exhibit considerable volatility, suggesting sensitivity to external market variables and financial instruments impacting earnings quality and stability over the period analyzed.